USD/CHF and EUR/CHF rose to tactical highs. What's next?
Chris Burniske, trader, crypto investor: "Why is crypto falling so much in 2018? Because in 2017 the market was up more than 30 times, but adoption (beyond investing & trading) wasn’t concurrently up 30 times. One can try to explain each fluctuation, but these explanations are frequently stories we tell ourselves, stretching to add reason to traders driving a bear market. The macro story I tell myself is ‘financial reality’ divorced from utility fundamentals in 2017, and so we have to (expectedly) course correct."
After started bearish on Monday, Bitcoin increased to its mid-August levels closing at $6,468 on Thursday. It is connected with the news about Morgan Stanley. The famous bank announced that it is working on a solution to protect the Bitcoin investors. Moreover, other big financial institutes, such as Citigroup and BlackRock, are planning to launch crypto-related products. The market reacted positively, which resulted in pushing the price of BTC up. Up to now, the digital currency has been trying to reach the 200-period MA on H4 at $6,605. If it breaks the resistance level, the future growth could be expected. The next resistance level is at $7,125. Otherwise, BTC/USD will go back to the support at $6,180.
- The People’s bank of China launched testing of a new trade and finance blockchain platform in Shenzhen;
- French authorities approved the government program of ICOs regulation. The projects succeeded the registration get a right to open a bank account;
- The US court officially declined to proceed the case of Mt.Gox trading system and advised to apply to Japan;
- The US SEC at the first time closed a crypto hedge fund called Crypto Asset Management, as it proclaimed itself as an “official crypto fund”
- The United Arab Emirates is planning to equal tokens to shares;
- NASDAQ is developing an instrument for forecasting the rates of crypto currencies for institutional investors;
- Coinbase, Protocol Labs, Digital Currency Group and other crypto and blockchain companies created the Blockchain Association for the protection of industry’s interests.
Bitcoin $6,437.7 (-0.43%)
DASH $185.54 (-2.62%)
Ethereum $205.79 (+6.02%)
Litecoin: $53,300 (-0.28%)
Eurozone, France, and Germany will publish the flash services and manufacturing PMIs on February 19, from 10:15 to 11:00 MT time
Australia will publish the employment change and unemployment rate on February 18, at 02:30 MT time.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.